Central Bank of Nigeria issues updated framework on KYC and fraud prevention

Monday 18 October 2021 15:19 CET | News

The Central Bank of Nigeria (CBN) has issued a Revised Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian banking industry.

The bank stated the move is in line with its objective of promoting financial system stability. It has also issued guidelines on disposal of non-permissible income.

CBN said the framework would enhance the effectiveness of customer due diligence and Know Your Customer processes as part of the overall strategy for promoting a safe and efficient banking and payment system, adding that it would continue to monitor industry developments and issue further guidance as may be appropriate.

As the bank states, The BVN system gives each customer in the Nigerian banking industry a unique identifier number. This framework defines the operations of BVN, as well as the establishment and operations of a watch-list for the Nigerian banking industry to address increasing incidence of frauds and to enhance public confidence in the industry.

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Keywords: central bank, AML, KYC, regulation
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: Nigeria
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